Eun Sung-soo, chairman of South Korea’s Financial Services Commission (FSC), has said that foreign crypto exchanges that deal in the Korean won must comply with the country’s Anti-Money Laundering standards.
According to The Korea Herald on Tuesday, Eun made these comments while fielding questions from lawmakers about the FSC’s plans to regulate crypto exchange giant Binance.
Eun reiterated the need for overseas exchanges that offer won-denominated crypto trading pairs to comply with the same Anti-Money Laundering standards as platforms based in the country.
As part of this compliance, these foreign exchanges will have to register with the Korea Financial Intelligence Unit — the FSC’s AML watchdog.
The FSC chairman’s remarks also offer another indication of South Korea’s efforts to maintain strict oversight on its local crypto market. Back in April, the government announced an interagency operation aimed at combating illegal cryptocurrency dealings including money laundering and tax evasion.
As previously reported by Cointelegraph, a recent investigation uncovered $1.48 billion in illegal overseas crypto transactions with